GAAP Application-Internal Control Assignment
Recall that in Units 2 and 3 you completed the accounting cycle for Dustin Larkin of Quixote Consulting. Quixote Consulting is a part-time consulting business that recently moved from Dustin’s home into rented quarters.
Assume that you are the internal auditor for the business and you have to evaluate the internal control procedures that have been implemented in the business.
There are three objectives of internal control: (1) assets are safeguarded and used for business purposes, (2) business information is accurate, and (3) employees comply with laws and regulations. The five elements of internal control are (1) the control environment, (2) risk assessment, (3) control procedures, (4) monitoring, and (5) information and communication.
If you owned a business, you would expect your employees to:
In theory, you should be able to expect these things. In practice, however, you must establish an internal control framework to make sure your business objectives are achieved, assets are protected from theft and misuse, and financial data are recorded accurately.
The following procedures were recently installed by Quixote Consulting:
Indicate whether each of the procedures of internal control represents: (1_ a strength or (2) a weakness. For each weakness, indicate why it exists and what procedures should be put into place to alleviate the risk.
For each letter A through H you should have at least a one paragraph answer.
Hello Tutor, Do you think you can help me with this assignment
Please advise your deadline
11/20/2012 at 9pm Easter time,
I will like to attach an Excel file to show you Units 2 and 3 answer that I completed for your reference, but I dont how.
You can upload them to www.mediafire.com then copy and paste the share link here, but from what I read, the amount you are offering would not compensate for the time that would be involved in addressing the post.
Please consider adding a bonus (and advise how much)
I agree! please tell me how much $ will be consider .
Thank you, XXXXX XXXXX me know if you need the excel file, just I dont know how attach the file, sorry about that.
Please upload them just in case.
You can upload them to www.mediafire.com then copy and paste the share link here
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I did already with Execellent Service.
Yes you did :)
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